The LA Group and its chief executive AK Peer has agreed in the Cape Town
high court to go to arbitration to settle the company's dispute with
Platinum Holdings.
The core of the dispute is whether a valid and binding agreement existed in
terms of which the LA Group would sell a number of retail stores to
Platinum. These are 15 stores trading under the name LA Jeans and 12 stores
trading under the Oxygen name.
The LA Group agreed, without prejudice, not to wind down any of its stores
except for Sunny Park, Pretoria, which has already been closed.
Under the terms of the agreement Platinum agreed not to proceed with its
application to interdict the LA Group from disposing of its stores and both
parties agreed to appoint Marius Scholtz, a senior counsel, to act as
arbitrator. It was also agreed that the costs of the arbitration, which will
be held between November 13 and 15, would be shared by both parties.
For further information:
Showkat Mukadam
LA Retail Group
Tel: 021-683 1786
e-mail: lacorp@iafrica.com
or,
Jimmy Thomas
MMi Group
Tel: 021-671 1122
e-mail: jta@iafrica.com
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